{"id":432676,"date":"2020-07-30T02:00:42","date_gmt":"2020-07-30T02:00:42","guid":{"rendered":"https:\/\/ktsl888.com\/?p=432676"},"modified":"2024-06-11T14:05:49","modified_gmt":"2024-06-11T14:05:49","slug":"bitcoin-transaction-fees-surge","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-transaction-fees-surge\/","title":{"rendered":"Bitcoin Transaction Fees Surge as Demand for the Network Rockets Higher"},"content":{"rendered":"<p>Demand for the Bitcoin network is beginning to take off, with the crypto\u2019s ongoing price rise being the likely suspect behind this sudden uptick.<\/p>\n<p>This has resulted in the <a href=\"https:\/\/ktsl888.com\/2020\/07\/29\/bitcoin-track-hit-20000-year-end\/\">cryptocurrency<\/a> seeing a massive spike in its transaction fees, which have nearly reached the yearly highs that were set just after the mining rewards halving event took place in May.<\/p>\n<p>Bitcoin\u2019s hash rate has yet to decline and is still sitting right around its all-time highs. The high fees coupled with strong prices are making BTC mining increasingly lucrative, which could suggest that its hash rate is poised to see further growth in the near-term.<\/p>\n<h2><strong>Bitcoin\u2019s Network Health Surges as Hash Rate and Transaction Value Rise<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Bitcoin\u2019s prolonged consolidation phase within the lower-$9,000 region ultimately resulted in the benchmark digital asset incurring some strong momentum that led its price to highs of $11,400 that were set on Monday.<\/p>\n<p>From this point on, BTC has been consolidating within the lower-$11,000 region.<\/p>\n<p>This has caused the cryptocurrency to form an overtly bullish technical structure, with many analysts now calling for even further upside in the days and weeks ahead.<\/p>\n<p>Bitcoin\u2019s price isn\u2019t the only thing that is looking strong, as its network is also seeing growing strength as well.<\/p>\n<p>Currently, BTC\u2019s hash rate is sitting just below its all-time highs of 126 million terahashes per second (TH\/s) that were set just a couple of weeks ago.<\/p>\n<p>It has stabilized around this number, and it will likely start climbing higher in the near-term due to the growing profitability of mining the crypto. This growth may be tempered, however, due to recent difficulty adjustments.<\/p>\n<p>The value being broadcasted across the Bitcoin network is also growing, currently sitting at its highest level seen since late-April.<\/p>\n<p>According to data from <a href=\"https:\/\/www.blockchain.com\/charts\/transaction-fees-usd\" rel=\"nofollow\">blockchain.com<\/a>, nearly $3 billion worth of transactions ran through the BTC network on July 27th.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-432677\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/07\/Screen-Shot-2020-07-29-at-9.58.30-AM.png?fit=860%2C860\" alt=\"Bitcoin\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Blockchain.com.<\/pre>\n<h2><strong>BTC Transaction Fees Hit Yearly Highs<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>One result of the mounting demand for Bitcoin network space is <a href=\"https:\/\/ktsl888.com\/2020\/07\/28\/crypto-fear-and-greed-index-turns-to-extreme-greed-is-now-the-time-to-sell\/\">rocketing fees<\/a>.<\/p>\n<p>Over the past few days, BTC fees have hit levels not seen in well over a year. In total, $2.06 million in tx fees were paid to miners on July 27th.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-432678\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/07\/Screen-Shot-2020-07-29-at-10.09.25-AM.png?fit=860%2C860\" alt=\"\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Blockchain.com.<\/pre>\n<p>The last time fees were anywhere near this high was just after Bitcoin\u2019s mining rewards halving in late-May.<\/p>\n<p>This growing network demand suggests that <a href=\"https:\/\/ktsl888.com\/2020\/07\/28\/crypto-fear-and-greed-index-turns-to-extreme-greed-is-now-the-time-to-sell\/\">BTC\u2019s ongoing price rise<\/a> is being driven by underlying strength.<\/p>\n<pre>Featured image from Unsplash.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Demand for the Bitcoin network is beginning to take off, with the crypto\u2019s ongoing price rise being the likely suspect behind this sudden uptick. This has resulted in the cryptocurrency seeing a massive spike in its transaction fees, which have nearly reached the yearly highs that were set just after the mining rewards halving event took place in May. Bitcoin\u2019s hash rate has yet to decline and is still sitting right around its all-time highs. The high fees coupled with strong prices are making BTC mining increasingly lucrative, which could suggest that its hash rate is poised to see further growth in the near-term. Bitcoin\u2019s Network Health Surges as Hash Rate and Transaction Value Rise\u00a0 Bitcoin\u2019s prolonged consolidation phase within the lower-$9,000 region ultimately resulted in the benchmark digital asset incurring some strong momentum that led its price to highs of $11,400 that were set on Monday. From this point on, BTC has been consolidating within the lower-$11,000 region. This has caused the cryptocurrency to form an overtly bullish technical structure, with many analysts now calling for even further upside in the days and weeks ahead. Bitcoin\u2019s price isn\u2019t the only thing that is looking strong, as its network is also seeing growing strength as well. Currently, BTC\u2019s hash rate is sitting just below its all-time highs of 126 million terahashes per second (TH\/s) that were set just a couple of weeks ago. It has stabilized around this number, and it will likely start climbing higher in the near-term due to the growing profitability of mining the crypto. This growth may be tempered, however, due to recent difficulty adjustments. The value being broadcasted across the Bitcoin network is also growing, currently sitting at its highest level seen since late-April. According to data from blockchain.com, nearly $3 billion worth of transactions ran through the BTC network on July 27th. Image Courtesy of Blockchain.com. BTC Transaction Fees Hit Yearly Highs\u00a0 One result of the mounting demand for Bitcoin network space is rocketing fees. Over the past few days, BTC fees have hit levels not seen in well over a year. In total, $2.06 million in tx fees were paid to miners on July 27th. Image Courtesy of Blockchain.com. The last time fees were anywhere near this high was just after Bitcoin\u2019s mining rewards halving in late-May. This growing network demand suggests that BTC\u2019s ongoing price rise is being driven by underlying strength. Featured image from Unsplash.<\/p>\n","protected":false},"author":499,"featured_media":432679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,76835],"class_list":["post-432676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Transaction Fees Surge as Demand for the Network Rockets Higher<\/title>\n<meta name=\"description\" content=\"Demand for the Bitcoin network is beginning to take off, with the crypto\u2019s ongoing price rise being the likely suspect behind this sudden uptick. 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